Monday, October 31, 2011

Quick! Get on the ladder before it’s too late!

45 and want a mortgage? Computer says no

Mortgage companies have refused to amend their age-related criteria after the scrapping of the default retirement age (DRA), experts have said. The discrepancy means that a prospective borrower in their mid forties may have a limited choice of mortgages with a 25-year term, despite the fact that they are likely to work well beyond the age of 65. "It is unfair," said Paul Green from Saga. "Mortgage companies should be taking into account people's ability to repay." He said that lenders had a "computer says no attitude" and that he would expect to see a legal challenge on the age limits in the future.

Posted by drewster @ 10:14 AM (878 views)
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12 thoughts on “Quick! Get on the ladder before it’s too late!

  • mark wadsworth says:

    Fair do’s. I’ll have to buy my next house for cash.

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  • Not only do Boomers want to hoard land, they want government subsidised banks to aid and abet them…

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  • Unfair to who? The bankers and mortgage advisor’s who want their cut of in the deal?

    Personally I think this is great news. I was chatting to the missus yesterday who told me that her mothers £40k mortgage she took out in 1998 wouldn’t be paid off until she was 75!!

    That’s 35 years of interest.

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  • isnt this age discrimination?

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  • It’s entirely reasonable for a lender to be concerned about a borrowers earning ability after 65 years of age, and certainly after 70.

    Requiring a repayment vehicle to clear the outstanding debt by age 70 seems entriely reasonable and prudent.

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  • Just make them take a life policy out at the same time to cover the mortgage and the cost will make them think twice.

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  • Not to worry SMI to the rescue!

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  • i think the bank accounts for retired people which offer higher rates should be illegal as it is age discrimination

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  • Free bus passes? Is that age discrimination too?

    How about swapping their driving licenses for a free bus pass??

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  • And the 10% off in B&Q for over 60’s

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  • exactly, after all it would be illegal to say 10% off today if you are black

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  • Del computer says “yes”

    does anyone remember the del monte ads “he say yes”

    yup i am bored watching the slowest house price crash in history

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